Posted on: Tuesday, June 10, 2003

Grace Pacific to buy safety products firm

Advertiser Staff

Honolulu-based asphalt paver Grace Pacific Corp. yesterday announced an agreement to acquire safety products firm Sun Industries Inc.

Terms of the deal with Sun owner Sidney Quintal were not disclosed. Sun, whose business includes installing roadway safety rails, diversifies Grace's business, said Bob Wilkinson, Grace president and chief executive.

"They're the last people on the job, and we're the first people on the job," he said. "This will help us keep going on an even keel."

The deal, expected to close by September, should help boost Grace's annual sales to more than $100 million, Wilkinson said.

The privately held company reported that 2002 sales grew 53 percent to $89 million in part because of the Hawaiian Bitumuls & Paving Co. acquisition.

Wilkinson said Grace would take on all 150 or so Sun workers and had no plans to change Sun's operations. Grace employs about 300 workers statewide.